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  • Implantable Cardioverter Defibrillator Market Analysis | 2021-2026

    Implantable Cardioverter Defibrillator Market Analysis | 2021-2026

    Implantable Cardioverter Defibrillator Market Analysis | 2021-2026
    Report code - SR1481 Delivery - 2 Weeks
    Implantable Cardioverter Defibrillator Market Growth, Trends, Dynamics & Market Insigh See more...

    Market Insights

    The Implantable Cardioverter Defibrillator Market is estimated to grow from USD 9.5 billion in 2020 to USD 11.7 billion by 2026 at a healthy CAGR of 3.5% during the forecast period.

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    What is an implantable cardioverter-defibrillator?

    An implantable cardioverter-defibrillator (ICD) is a device implantable inside the body that can perform defibrillation, cardioversion, and correct pacing of the heart. The ICD is used in treating sudden cardiac arrest caused due to ventricular fibrillation, cardiac arrhythmias, and pulseless ventricular tachycardia. The device is, therefore, capable of correcting most life-threatening cardiac arrhythmias.

    Implantable Cardioverter Defibrillator Market Report Overview

    Market Size in 2020

    USD 9.5 Bn

    Market Size in 2026

    USD 11.7 Bn

    Market Growth (2021-2026)

    CAGR of 3.5%

    Base Year of Study

    2020

    Trend Period

    2016-2019

    Forecast Period

    2021-2026

    Key Players

    Key players operating in the implantable cardioverter-defibrillator market are-

    • Philips Healthcare (Netherlands)
    • Defibtech, LLC (US)
    • Asahi Kasei Corporation (Japan)
    • Biotronik (Germany)
    • LivaNova Plc (UK)
    • Abbott (US)
    • Microport (China)
    • Cardiac Science (US)
    • Stryker (US)
    • CU Medical System Inc (Germany)

    Market Dynamics

    The growing prevalence of cardiovascular diseases and the rise in the geriatric population is the key driving factor for product demand. Cardiovascular diseases (CVDs) are the prime cause of death. More than 75% of deaths occur in low and middle-income countries. The increased applications and acceptance of the Implantable Cardioverter Defibrillator (ICD) are accelerating market growth. The ICD detects and stops abnormal heartbeats (arrhythmias). The device monitors the patient’s heartbeat and delivers electrical pulses to restore a normal heart rhythm when necessary. The rising advancements in subcutaneous ICD technology will pave the way for profitable opportunities in the market economy.

    COVID-19 Impact

    The COVID-19 outbreak positively influenced the growth of the implantable cardioverter-defibrillator market. Rising cases of coronavirus across the globe put a heavy strain on the healthcare sector. Rise in heart patients and cardiovascular diseases and as they are highly prone to get infected by COVID-19, there is strong growth of heart implants during the pandemic.

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    Challenges and Restraints in the Implantable Cardioverter Defibrillator Market:

    Substantial Development Expenses: The research and development process for advanced ICD devices demands significant investments in technology, materials, and clinical research. This financial commitment can pose hurdles, especially for smaller enterprises.

    Intensifying Market Competition: The ICD market is characterized by intense competition, featuring established industry players alongside new entrants. While this competition fosters innovation, it also amplifies pricing pressures and the need for differentiation.

    Rapid Technological Progression: The swift pace of technological advancements in ICDs can render existing devices outdated. Consequently, companies must allocate continuous resources to research and development to remain competitive.

    Patient Data Privacy and Security: The increasing connectivity of ICDs raises concerns regarding the privacy and security of patient data. Addressing these concerns is pivotal in upholding patient trust and safeguarding sensitive information.

    Risk of Adverse Events and Product Recalls: Instances of adverse events or product recalls can inflict harm on a company's reputation and lead to legal liabilities. Ensuring the safety and reliability of ICDs remains a paramount concern.

    Healthcare Budget Constraints: Economic pressures on healthcare systems may prompt cost-containment measures, potentially impacting the reimbursement landscape for ICD procedures and devices.

    Limited Healthcare Accessibility: Some regions face constraints in accessing advanced healthcare facilities and specialized medical professionals, which can hinder the widespread adoption of ICDs.

    Physician Training Requirements: The implantation and management of ICDs necessitate specialized training for healthcare practitioners. Ensuring an adequate number of trained physicians can pose challenges, particularly in underserved areas.

    Segment Analysis

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories-

    By Product Type:

    • Transvenous Implantable Cardioverter Defibrillator (T-ICDs)
    • Subcutaneous Implantable Cardioverter Defibrillator (S-ICD)
    • Cardiac Resynchronization Therapy Defibrillator (CRT-D)

    By End User Type:

    • Hospitals
    • Ambulatory Surgical Centers

    By Region:

    • North America
    • Europe
    • Asia-Pacific
    • Rest of the World

    Product Trends

    The market has been classified into Transvenous Implantable Cardioverter Defibrillator (T-ICDs), Subcutaneous Implantable Cardioverter Defibrillator (S-ICDs), and Cardiac Resynchronization Therapy Defibrillator (CRT-D). The Subcutaneous Implantable Cardioverter Defibrillator (S-ICDs) segment accounted for the significant market share in 2020. A subcutaneous implantable cardioverter-defibrillator (S-ICD) is an electronic device that constantly monitors your heart rhythm. When it detects a very fast, abnormal heart rhythm, it delivers energy to the heart muscle. This causes the heart to beat in a normal rhythm again, across the globe, which further boosts the segment growth.

    Regional Analysis

    The market in the Asia Pacific accounted for the largest share in 2020 and is projected to continue its dominance during the review period. This is mainly attributed to growth in the geriatric populace, the large patient population, the strong incidence of cardiovascular diseases, and the call for increased battery life in ICD devices, improved healthcare workflow organization, further proliferate the regional growth.

     

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    Target Audience

    Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert-

    • Distributors
    • Suppliers
    • Manufacturers
    • Logistics organizations
    • Government bodies

    Report Features

    This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Implantable Cardioverter Defibrillator Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with companies across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    An implantable cardioverter-defibrillator (ICD) is a device implantable inside the body that can perform defibrillation, cardioversion, and correct pacing of the heart. The ICD is used in treating sudden cardiac arrest caused due to ventricular fibrillation, cardiac arrhythmias, and pulseless ventricular tachycardia. The device is, therefore, capable of correcting most life-threatening cardiac arrhythmias.

    The implantable cardioverter defibrillator market is expected to witness an impressive growth of 3.5% CAGR in the coming years.

    The implantable cardioverter defibrillator market size is expected to reach USD 11.7 billion in the foreseeable future.

    The Subcutaneous Implantable Cardioverter Defibrillator (S-ICDs) segment accounted for a significant share in the market.

    The growing prevalence of cardiovascular diseases, the rise in the geriatric population is the key driving factor for the product demand. Cardiovascular diseases (CVDs) are the prime cause of death. More than 75% of deaths occur in low and middle-income countries. The increased applications and acceptance of the Implantable Cardioverter Defibrillator (ICD) are accelerating market growth. The ICD detects and stops abnormal heartbeats (arrhythmias). The device monitors the patients heartbeat and delivers electrical pulses to restore a normal heart rhythm when necessary. The rising advancements in subcutaneous ICD technology will pave the way for profitable opportunities in the market economy.

    Asia-pacific is expected to remain dominant in the implantable cardioverter defibrillator market in the next five years.

    Philips Healthcare (Netherlands), Defibtech, LLC (US), Asahi Kasei Corporation (Japan), Biotronik (Germany), LivaNova Plc (UK), Abbott (US), Microport (China), Cardiac Science (US), Stryker (US), and CU Medical System Inc (Germany) are among the key players in the implantable cardioverter defibrillator market.